Long-Term Debt

3 Months Ended

Mar. 31, 2022

Long-Term Debt:

Long-term debt at March 31, 2022 and December 31, 2021 consisted of the following (in thousands):


	March 31,		December 31,
	2022		2021
1.125% notes due 2025	$	414,088	$	426,571
1.625% notes due 2028	549,000		565,550

3.45% Senior notes due 2029	171,612		171,612
4.15% Senior notes due 2024	425,000		425,000
5.45% Senior notes due 2044	350,000		350,000

Credit facilities	280,000		—
Commercial paper notes	222,400		388,500

Variable-rate foreign bank loans	4,842		5,226

Finance lease obligations	74,504		75,431
Other	11,001		—
Unamortized discount and debt issuance costs	(12,956)		(13,651)
Total long-term debt	2,489,491		2,394,239
Less amounts due within one year	503,795		389,920
Long-term debt, less current portion	$	1,985,696	$	2,004,319

Current portion of long-term debt at March 31, 2022 includes commercial paper notes with a weighted-average interest rate of approximately 1.12% and a weighted-average maturity of 17 days.

In the first quarter of 2021, the Company made certain debt principal payments using proceeds from the February 2021 underwritten public offering of common stock. As a result, included in Interest and financing expenses for the three-month period ended March 31, 2021 is a loss on early extinguishment of debt of $27.8 million, representing the tender premiums, fees, unamortized discounts and unamortized deferred financing costs from the redemption of this debt.

Prior to repayment in the first quarter of 2021, the carrying value of the 1.875% Euro-denominated senior notes was designated as an effective hedge of the net investment in certain foreign subsidiaries where the Euro serves as the functional currency, and gains or losses on the revaluation of these senior notes to our reporting currency were recorded in accumulated other comprehensive loss. Upon repayment of these notes, this net investment hedge was discontinued. The balance of foreign exchange revaluation gains and losses associated with this discontinued net investment hedge will remain within accumulated other comprehensive loss until the hedged net investment is sold or liquidated. Prior to the net investment hedge being discontinued, we recorded a gain of $5.1 million (net of income taxes) during the three-month period ended March 31, 2021 in accumulated other comprehensive loss.